FILE PHOTO: A PG&E truck carrying an American Flag drives past PG&E repair trucks in Paradise, California, U.S. November 21, 2018. REUTERS/Elijah Nouvelage
- San Francisco Public Utilities Commission said on Tuesday it has hired an adviser to explore the potential acquisition of PG&E Corp’s distribution assets, sending shares of the power company up 2.6% at $18.37. San Francisco has hired Jefferies LLC as buy-side financial adviser, the utilities commission’s Press Secretary Will Reisman told Reuters in an e-mail statement.According to a preliminary report released by the commission in May, there are three options for the city, which include the acquisition of PG&E assets in San Francisco to achieve self-sufficiency in power generation.
In the report, the commission also noted that although acquisition of PG&E assets would be a lengthy process, the city’s electric grid could potentially benefit in the long-term.PG&E sought Chapter 11 bankruptcy protection in January after facing liabilities of more than $30 billion in the wake of Camp Fire, California’s deadliest and most destructive wildfire in recent years.
San Fran CA. hires advisor to discuss PG&E assets.🌎🇺🇸🧐😎
coolgrey Now we are talking! There is no way SF or CA should allow PGE to charge us more and more than any state while failing to maintain their lines properly. Time to break up PGE!